RBS mortgage deals?

new_home_owner_3

Most of the banks now have lowered their rates to below 3 percent for 5 year fixed deals, does anyone know when RBS change rates for their mortgages?

i am currently with them, and i am looking at other 5 year deals, i know they have 5 year deals but why are they not competing with other banks?

all these banks offer rates below 3 percent, and this was only a quick search.

post office
hsbc
first direct
santander
tesco
yorkshire building society
chelsea buidling society
barclays
west bromwich building society
nationwide

Thrugelmir

new_home_owner wrote: »

i am currently with them, and i am looking at other 5 year deals, i know they have 5 year deals but why are they not competing with other banks?

RBS under the guidance of Hester is shrinking its balance sheet, i.e. lending less.

So has no need to compete on rates.

kingstreet

If you are already a RBS borrower, there's a good chance the customer retention products available to you will never be as good as the remortgage products of other lenders, what Nationwide used to call the "introductory shag-pile" effect.

Make sure you take into account any transfer costs when comparing. It may well be a higher rate may be just as good when offered by your other lender if there is less, or no cost to take it, where others would charge fees.

new_home_owner_3

The banks seem to change their rates at any time, does anyone know when RBS review their rates?

I can move my mortgage to another lender and probably save up to 200 pound a month which is quite a lot over 5 years.

But i was thinking maybe RBS will lower their rates in the next few months, in the past i have always seen them to be very competitive with their rates, or is it has stated above that they don't want any new business?

Im just thinking if i move now and pay the fees up to 2000 pound for the post office deal and then RBS lower their rates i will be out of pocket.

i think ill take my chances for another couple of months and then take another look, the bank of England rates dont look like its going up very soon.

cheers for the replies guys and girls

kingstreet

What are the options open to you? What's your loan to value?

You have to use the odd online system using your mortgage account number so no-one else can see them.

http://www.rbs.co.uk/personal/mortgages/g3/switching.ashx

For those remortgaging to them, if you have a smallish mortgage under 70%, the fee-free 3.05% and 3.45%, for two and five years respectively aren't bad.

Borrowers of larger amounts will, of course, be better off accepting a fee to get the lowest rate.

new_home_owner_3

kingstreet wrote: »

What are the options open to you? What's your loan to value?

You have to use the odd online system using your mortgage account number so no-one else can see them.

http://www.rbs.co.uk/personal/mortgages/g3/switching.ashx

For those remortgaging to them, if you have a smallish mortgage under 70%, the fee-free 3.05% and 3.45%, for two and five years respectively aren't bad.



Borrowers of larger amounts will, of course, be better off accepting a fee to get the lowest rate.

e

we have 60% ltv.

You say smallish mortgage, im after a 5 year fixed deal, to go on any of the RBS 5 year deals your mortgage as to be below 70,000 pounds, i don't think there are many people with such low mortgages, it may be useful to a few, but i would think it wouldn't be many.

I agree with Thrugelmir, RBS obviously don't want any new customers, especially has their 5 year fixed deals are well off the mark compared with what other banks are offering, the average mortgage is 130,000.

All these banks offer 5 year deals at less than 3 percent some are even lower. So anyone who needs a 5 year deal and needs to borrow more than 70,000 pounds take a look here.

HSBC
FIRST DIRECT
BARCLAYS
POST OFFICE
CO-OP
TESCO
YORKSHIRE BUILDING SOCIETY
CHELSEA BUILDING SOCIETY
SANTANDER
WEST BROMWICH BUILDING SOCIETY

These are just a few i am sure there are loads more.